You and Your Neighbor Have Agreed to a Contract Where

question 142

Multiple Choice

You and your neighbor have agreed to a contract where he will cut your grass every other week for which you pay $30.However,for no apparent reason,he has not cut your grass for a month.Your neighbor has committed an) :

• A)obligation violation.
• B)breach of contract.
• C)termination by association.
• D)nonperformance endorsement.

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Definitions:

Excess Supply

Excess supply, also known as surplus, occurs when the quantity of a good or service offered for sale exceeds the quantity demanded at the current price.

Market Equilibrium

The condition in which the quantity of a good supplied is equal to the quantity demanded, resulting in no economic pressure to change the price or quantity.

Unregulated Market

A market where there is no governmental control or interference in the transactions between buyers and sellers.

Quantity Supplied

The volume of goods or services that suppliers can and are prepared to dispatch in the market at a particular price point within a defined duration.